Can’t say demonetisation has failed

Can’t say demonetisation has failed: To go by sums that have returned to banks would be misleading. Let’s wait till the I-T department completes investigations...


"However, the issue goes beyond how the demonetised currency found its way and whether demonetisation is a success or failure. The most worrisome issue is how hoarders dared to deposit unaccounted currency, presumably at ₹7 lakh crore, in bank accounts. Indeed, they have opened a Pandora’s box as everything, not only wealth in the form of currency but also in other formats, will be under the scrutiny of the I-T department henceforth.
Still, we cannot underestimate the acumen of black currency hoarders. They may discover some loopholes to show their deposits, post-demonetisation, as legitimate cash. They may believe that the I-T department does not have the intention and bandwidth to bring all the unaccounted money holders to book in a time-bound manner. Or they may think I-T officials can be bribed. Hence, more than demonetisation itself, this attitude is a great challenge for the Government. Although the window for demonetisation closed on December 30, the battle of nerves between the Government and unaccounted cash holders does not look likely to end soon."


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